Gareth Davies MP: speeches 2025

Speeches

• 16 Dec 2025 · Finance (No. 2) Bill · Hansard source

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  It is a pleasure, as always, to respond on behalf of His Majesty’s official Opposition. I thank Members across the House for their contributions to the debate, in particular those on the Conservative Benches, and notably my hon. Friend the Member for Keighley and Ilkley (Robbie Moore), who has been a ferocious champion of farmers not just in Yorkshire but across the country. He also spoke well about the family business tax and his business, Fibreline, which has been adversely impacted. My right hon. Friend the Member for Beverley and Holderness (Graham Stuart) sought to give those on the Labour Front Bench a maths lesson, although I am afraid it is a little late for that and entirely futile. I enjoyed very much the speech by the right hon. Member for Orkney and Shetland (Mr Carmichael). I enjoyed his A. A. Milne reference almost as much as I enjoyed the unexpected mention of Tinder. Of course, when it comes to politics, I encourage everybody to swipe right. [ Laughter. ] I thought I would give it a go. Let me highlight how prominent the family farm tax has been in this debate and acknowledge the contributions from the hon. Members for Penrith and Solway (Markus Campbell-Savours) and for Scarborough and Whitby (Alison Hume), who spoke well, speaking out against their own party’s policy when it comes to farmers. That is not an easy thing to do, but it is the right thing to do, and we appreciate it. For my part, I am struck by a sense of déjà vu. Here we are again, with another Finance Bill that targets working people’s pockets while failing on the Government’s No. 1 mission of economic growth. This Finance Bill is actually double the length of Labour’s first Finance Bill, and I fear it will bring double the pain to the British public. Last year we had the now infamous Halloween Budget, which scared the living daylights out of business, and this year we have the nightmare-before-Christmas Budget, which is essentially finishing off the rest of the country. This Bill feels less like a carefully wrapped present and more like something hastily stuffed into a stocking at five minutes to midnight, with the receipt missing and the instructions written in a different language. We were promised a gift to working people, but what we have instead are higher burdens and lower incentives.

• 16 Dec 2025 · Finance (No. 2) Bill · Hansard source

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  As always, my hon. Friend points out something that is important for the whole House to consider. I will come on later to the broader assessment of the OBR, which does not make for pleasant reading for Labour Members. Tonight, Labour Members must decide whether they are content to vote for a Bill that makes their working constituents poorer, punishes family farmers and family businesses, and breaks promise after promise that they made to secure their seats. For all the bravado that we may hear later from the Minister, there is now a growing gap between what Ministers are saying, and what families and businesses are living. That gap has now become so visible that it has followed Labour Members out of the Chamber and into the real world. At this time of year, pubs should be putting up mistletoe; instead they are hanging up signs saying, “No Labour MPs welcome.” This is a Christmas tradition that this Government have invented all on their own. When a Government cannot get a warm welcome or a pint in the local pub that so badly needs the trade, it might be a good idea to reflect on why. There is another growing gap between what Labour Members told the public before the election, what they repeated after it, and what is in the Bill. First, the Bill is anti-working people. Only last year, Ministers stood up and promised the House that this Government would not freeze income tax thresholds. They could have stopped there, but they did not. They went further and said that to do so would amount to a tax rise on working people’s payslips. Yet here we are today, with this Bill that freezes income tax thresholds to 2030-31. The message to working families could not be clearer: if someone gets up early, goes to work, does the right thing and provides for their family, Labour will not back them; it will tax them. What will the Labour Government do with all the money they are raising? They will not pay down the national debt—debt is going up. They will not employ more teachers; there are fewer of them now. They will not employ more police officers, either; there are fewer of those, too. In fact, they will fail to deliver on almost everything they promised while in opposition. Instead, they will turn hard-working taxpayers’ money into handouts to appease their left-wing Back Benchers. This Bill is anti-aspirational and anti-business. If someone decides to start their own business, or wants to take over a business or a farm from their family, what does this Labour Government think of them? As we have heard extensively today, this Budget takes further what they introduced at the last Budget: the family farm tax, as spoken about by so many colleagues, and a family business tax that will destroy aspiration and entrepreneurialism. Time after time, the Chancellor has been warned of the impact of these changes to inheritance tax. She has repeatedly dodged questions in the House, as she is doing this very moment. She has ignored concerns from the business community, and run scared of meeting the National Farmers’ Union. That is not leadership; that is not owning one’s decisions. Finally, we were promised economic stability and management, yet the OBR’s own assessment of the Bill tells a very different story. Growth will be slower over the forecast; inflation will be higher. Debt will rise every single year of the forecast, and taxes will rise to their highest level on record. Just this morning, we learned that unemployment continues to spiral to levels that we have not seen in years. This was not a Budget for the wellbeing of the country; this was a Budget to try to preserve the careers of the embattled Prime Minister and the embattled Chancellor. As we approach Christmas, it is traditional to reflect on who has been naughty and who has been nice. We are told that Father Christmas checks his list twice, but the British public need only glance once at this Finance Bill to know that they have been seriously let down. They know exactly which list the Chancellor belongs on. It does not matter if they work hard, run a family business or farm, and have saved responsibly for their retirement; even in death, through the Bill, the taxman still comes a-calling. Under the Bill, there is simply no way that hard-working British families do not end up poorer. Nobody voted for that, and we will certainly not be voting for it tonight, either.

• 2 Dec 2025 · Draft Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 · Hansard source

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  I am very grateful to the Minister for outlining the Government’s position on defence stocks. I wonder whether she could do the same for oil and gas.

• 2 Dec 2025 · Draft Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 · Hansard source

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  It is always a great pleasure to see you in the Chair, Mrs Harris. I will follow the Minister’s lead by starting with the ESG ratings order before moving on to the draft regulations. The Minister usefully and clearly set out the Government’s view of the ESG ratings order and what it aims to achieve. I want to ask two questions in particular, straight out of the gate. First, although she referred to this slightly in answering the hon. Member for Dorking and Horley, could she go into more depth about the approaches taken in other jurisdictions—particularly the United States and the EU? What are the specific implications for our competitiveness? She mentioned that she is open to alignment with other jurisdictions, and she specifically said that she is open to allowing the ratings of overseas ratings providers to be recognised in this country. But will she address the specific point about competitiveness and where the order stands in the global ecosystem of ESG ratings regulation? It would be helpful to understand that. Secondly, I understand that in the responses to the consultation concerns were raised about charities being granted an exemption. Is the Minister concerned that charities, and particularly household names, might publish ESG scores against certain companies and sectors that investors take seriously, despite there being a lack of transparency on how those scores were reached? I have taken a particular interest as that legitimate concern stood out from the consultation. As the Minister considers those answers, it is useful for us to step back as we think about ESG to ensure that, as we scrutinise the draft order, we talk about the overall effectiveness of ESG in supporting the interests of savers and investors in the country. My view, having led an ESG team in my previous life—I think this view is shared by a lot of savers and investors in the industry— is that investment managers should always act with the aim of delivering sustainable returns for investors. From the teacher who has paid into their pension their whole life to the entrepreneur who has just sold their business and invested all their money, many people from all walks of life entrust their money to investment firms and portfolio managers, and they rightly expect financial professionals to uphold their fiduciary responsibilities. In recent years, however, many, including me, have expressed the view that the rise of ESG has allowed and encouraged some fund managers to impose their own values on investment portfolios, thereby potentially impacting the returns achieved for thousands of investors. Of course, where individuals have enough money for a separate account, or where other retail investors choose to invest in a dedicated ESG fund, that is their choice. They may well pay a premium for not investing in certain industries and be comfortable with that.

• 2 Dec 2025 · Draft Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 · Hansard source

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  If the hon. Gentleman will allow me, I will come on to that point. It is a very hot topic right now, in terms of our national security, and I think there are implications when it comes to ESG ratings and the overall ESG approach that many fund managers take. As I was saying, the overall picture is that there is a risk that everyday savers might miss out on returns because of the values and ideals pursued by a particular fund or fund manager, without their expressed wishes necessarily being taken into account. If we accept, as many do, that this is a problem for funds, it follows that it extends to those who provide ESG ratings, too. Therefore, more transparency, which this measure achieves, could and should help to mitigate the risk for savers. At a broader level, I have made very clear my personal opinion that ESG has gone too far towards values-driven investing, while neglecting to include our collective national, strategic and economic interest. At a time when the world is increasingly geopolitically unstable, and with an aggressive Russia at the door of Europe, is it really responsible or ethical to shun investment in defence companies? I believe this mindset undermines our national security effort, but it also means that savers and investors could miss out on better returns. The FTSE 100 index is up around 19% for the year to date, compared with shares in Rolls-Royce, which are up 77%; shares in BAE, which are up 38%; and shares in Babcock, which are up 118%. Those companies form the bedrock of the British defence industry. Over the past year, they would have delivered better-than-average investment returns for savers, but so many savers have been excluded from investing in such companies, perhaps without their knowledge. Similar national importance could be attached to oil and gas companies and investments. Even the Climate Change Committee has been clear that the consumption of oil and gas will be needed for years to come as part of our energy security. Yet just last week, the National Energy System Operator warned that Britain could face gas shortages by 2030 if the industry—

• 2 Dec 2025 · Draft Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 · Hansard source

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  I am grateful for your guidance, Mrs Harris. This is related to ESG, which is about environmental, social and governance principles, and accordingly an investment approach and ratings. I was talking about defence as part of the “S”, and oil and gas as part of the environment.

• 2 Dec 2025 · Draft Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 · Hansard source

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  I will end my point by simply suggesting that it is not serving investors or the country well by being excluded from oil and gas companies or defence stocks as part of an ESG strategy that they perhaps did not know about. I now turn to the draft regulations, which revoke assimilated EU law relating to financial services and replace it with rules set by the Bank of England and the PRA. This is part of an ongoing process to repeal and replace assimilated EU financial services law following our departure from the European Union. The purpose of the draft regulations is largely to revoke the relevant parts of the assimilated prudential regime, as set out in the capital requirements regulation, and replace them with the PRA rules, as the Minister set out. As the Minister made clear, the draft regulations make consequential technical amendments to UK legislation for the purpose of legal coherence. In practice, any references to revoked CRR provisions will be read as references to the corresponding PRA rules. Where no PRA rule exists, the amendments will help to avoid gaps in the legal framework, with which I think we can all agree. This instrument continues the process begun under the previous Government, as the Minister said, and therefore the Opposition do not oppose it.

• 1 Dec 2025 · Draft Double Taxation Relief and International Tax Enforcement (Peru) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Romania) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Andorra) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Portuguese Republic) Order 2025 · Hansard source

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  It is a great pleasure to see you in the Chair, as always, Sir Desmond. It is also a pleasure to serve on this Committee on behalf of His Majesty’s official Opposition and to see the Minister in his place for the first time in a Delegated Legislation Committee. I wish him luck for this one and the many more to come—Ministers spend a lot of time in DLCs, as he will come to realise. As the Minister pointed out, the orders before the Committee give effect to the double taxation conventions negotiated and updated with Andorra, Peru, Portugal and Romania. DTCs prevent the double taxation—as the Minister was saying—of income or gains from cross-border activity, combat tax avoidance through the concealing of assets offshore, and promote trade and investment between the signatories. I understand that these agreements are based on OECD and G20 recommended standards on base erosion and profit shifting to create international rules to protect against tax avoidance. Negotiating and updating such agreements are fairly routine; the previous Government negotiated literally dozens of new DTCs between 2010 and 2024. It is one of the regular ongoing duties of the Government and Treasury Ministers, and I am therefore pleased to see these agreements come into force today. These orders give effect to new agreements with Andorra and Peru, as well as updating and replacing existing agreements with Romania and Portugal from 1977 and 1969, respectively. These agreements cover double taxation with regard to capital gains tax, corporation tax and income tax, as well as those taxes of a similar nature in Andorra, Peru, Portugal and Romania. Historically, these agreements have passed through the House with little disagreement. The Minister will be pleased to know that I will not be breaking precedent today. However, I have two little questions for him, which I am sure he will find incredibly straightforward—and if not, the answer will be in his pack. First, can the Minister provide an estimate of the net impact to the Exchequer in terms of tax revenue as a result of these measures directly? As they say in Peru, it takes two to tango. Therefore can he update the House on the ratification process of these orders in the Parliaments of Andorra, Peru, Portugal and Romania? It is a pretty straightforward question because obviously we need both Parliaments to enact these measures. Can the Minister clarify what the process is, and whether the ratification process in those countries is running in conjunction with the passage of the draft orders in this House?

• 1 Dec 2025 · Draft Double Taxation Relief and International Tax Enforcement (Peru) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Romania) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Andorra) Order 2025 Draft Double Taxation Relief and International Tax Enforcement (Portuguese Republic)) Order 2025 · Hansard source

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  It is a great pleasure to see you in the Chair, as always, Sir Desmond. It is also a pleasure to serve on this Committee on behalf of His Majesty’s official Opposition and to see the Minister in his place for the first time in a Delegated Legislation Committee. I wish him luck for this one and the many more to come—Ministers spend a lot of time in DLCs, as he will come to realise. As the Minister pointed out, the orders before the Committee give effect to the double taxation conventions negotiated and updated with Andorra, Peru, Portugal and Romania. DTCs prevent the double taxation—as the Minister was saying—of income or gains from cross-border activity, combat tax avoidance through the concealing of assets offshore, and promote trade and investment between the signatories. I understand that these agreements are based on OECD and G20 recommended standards on base erosion and profit shifting to create international rules to protect against tax avoidance. Negotiating and updating such agreements are fairly routine; the previous Government negotiated literally dozens of new DTCs between 2010 and 2024. It is one of the regular ongoing duties of the Government and Treasury Ministers, and I am therefore pleased to see these agreements come into force today. These orders give effect to new agreements with Andorra and Peru, as well as updating and replacing existing agreements with Romania and Portugal from 1977 and 1969, respectively. These agreements cover double taxation with regard to capital gains tax, corporation tax and income tax, as well as those taxes of a similar nature in Andorra, Peru, Portugal and Romania. Historically, these agreements have passed through the House with little disagreement. The Minister will be pleased to know that I will not be breaking precedent today. However, I have two little questions for him, which I am sure he will find incredibly straightforward—and if not, the answer will be in his pack. First, can the Minister provide an estimate of the net impact to the Exchequer in terms of tax revenue as a result of these measures directly? As they say in Peru, it takes two to tango. Therefore can he update the House on the ratification process of these orders in the Parliaments of Andorra, Peru, Portugal and Romania? It is a pretty straightforward question because obviously we need both Parliaments to enact these measures. Can the Minister clarify what the process is, and whether the ratification process in those countries is running in conjunction with the passage of the draft orders in this House?

• 13 Nov 2025 · Rogue Builders · Hansard source

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  It is a great pleasure to see you in the Chair, Ms Furniss, and to see the Minister. This is our second interaction in a week, and, under the direction of the Chair, it will be a lot shorter than the last. I congratulate my very good and hon. Friend the Member for Wyre Forest (Mark Garnier), on securing this debate. I commend his commitment to this issue over many years. Many of us turn up to these debates as one-offs, but he is a consistent champion for builders and against rogue builders. My hon. Friend again raises a very fair and well-intentioned question: how can we in this place best protect our constituents from the scourge of rogue builders? He is right that the issue is caused by a minority of people and organisations in the construction industry, who exploit people’s good nature and certainly do not deliver for their customers. We all know someone who has faced this issue, whether that is homeowners or subcontractors, particularly those in the repair, maintenance and improvement sector, as my hon. Friend pointed out. We have seen the best of Westminster Hall today. I have been struck by the many excellent examples given by hon. Members from many different parties and from across the country of people who have suffered the consequences of cowboy builders. I genuinely thank hon. Members for their contributions to this debate. This issue is not simply aesthetic or material; it can and often does have very serious consequences. That is why I am pleased that, in recent years, there has been some progress to address some of the problems set out by my hon. Friend the Member for Wyre Forest. For example, there are various competent person schemes that allow builders to self-certify, ensuring that they follow certain rules to comply with building regulations. These schemes ensure that customers are provided with the appropriate financial protection for a minimum of six years to correct work in dwellings that are non-compliant with building regulations. For our part, the previous Conservative Government passed the Building Safety Act 2022, which introduced competence requirements on anyone doing design or building work. The legislation also brought about the creation of the Building Safety Regulator and the Industry Competence Committee, both of which help to encourage and monitor industry competence. I am nevertheless really looking forward to hearing from the Minister about what specific plans she and her Government have to build on that work to further address the concerns raised by my hon. Friend the Member for Wyre Forest and many other Members from both sides of the House. Another part of what we can do to push out rogue builders must surely be to encourage those builders who follow the law, play by the rules and deliver for customers. I would not be doing my job if I did not reflect the concerns of the builders I spoke to in preparation for the debate by pointing out that, unfortunately, builders feel that that is not happening under this Labour Government. Instead of backing builders who are not rogue and who work hard, the Government are determined to make sure that doing the right thing just does not pay. I have spoken many times about the impact of the national insurance hike on the construction industry, but I want to use the last moments of my speech to ask the Minister directly, on behalf of the National Federation of Builders, about the builders tax that the Chancellor is proposing in the upcoming Budget. That will add another £28,000 to the cost of building a new home and drive up the cost of critical national infrastructure, including roads, schools, factories and even nuclear power stations. It will add significant costs to construction and the building sector, and I was asked to ask the Minister what is going on with this Government if they are proposing this tax by way of a formal consultation. On behalf of the official Opposition, I want to be clear that this tax cannot go ahead. Builders and construction workers want to hear her response to that specific point. There are so many hard-working builders in this country, and so many people who make something, and we must get behind them.

• 12 Nov 2025 · Taxes · Hansard source

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  I am grateful to be able to respond to the debate on behalf of His Majesty’s official Opposition. Let me start by thanking everybody from both sides of the House for their contributions, but in particular those on my side of the House. My hon. and gallant Friend the Member for South Shropshire (Stuart Anderson) pointed out the impact of the family farm tax on his farms in Shropshire and that 6,000 farms across the country have closed. The hon. Member for Harlow (Chris Vince), who is sadly not in his place—probably on the phone to his mother—spoke well about Harlow and his mum. I particularly enjoyed the bromance emerging between him and the hon. Member for Runnymede and Weybridge (Dr Spencer). My hon. Friend the Member for Gosport (Dame Caroline Dinenage) spoke well about the impact of the rise in national insurance contributions on the Gosport employment market. My hon. Friend the Member for Solihull West and Shirley (Dr Shastri-Hurst) said a good quote by Margaret Thatcher. As the MP for Grantham, I particularly appreciated it, but it still rings true today about spending other people’s money wisely. My hon. Friend the Member for Farnham and Bordon (Gregory Stafford) rightly highlighted that not a single Liberal Democrat Back-Bench MP has turned up, which I agree is completely shameful. We did hear from the hon. Member for Witney (Charlie Maynard), who had the temerity to talk about our country’s reputation when it is his leader who is prancing about in a wetsuit falling off paddleboards—slightly ironic. Finally, my hon. Friend the Member for Broadland and Fakenham (Jerome Mayhew), who made a number of important interventions, pointed out that every Labour Member should ask themselves the same question every morning when they wake up, “Who voted for this?” None of them have a mandate for further tax rises, just as they did not have a mandate for last year’s jobs tax increase. They must know this. The proof is right in front of them. Labour has over 400 Members of Parliament and fewer than 10 have shown up. I was going to say that they have come to defend the indefensible, but they have not even done that. None tried to defend the indefensible; we just heard more and more speeches about the past, while their constituents are living in the present. I think that Labour Members know that the upcoming Budget is surely the beginning of the end. The Government have lost control. Just when the Prime Minister should be focused on fixing their mistakes, he is instead having to oversee co-ordinated briefings against the apparent plots to depose him by his own Health Secretary. It is troubling, to say the least, that the Prime Minister seems more worried about the damage coming from inside his own Cabinet than about the damage already done outside it. The truth is that the Labour party will not be forgiven. Socialism has failed everywhere and every time it has ever been tried. We should not forget that Labour won the last election because it promised not to be a socialist Labour Government. It said that it would not fiddle with the fiscal rules to borrow more money. It said that it would not increase national insurance, income tax or VAT. It said that it would not pursue ideologically driven policies that would push up energy bills—in fact, it said that it would cut those bills by £300. Unfortunately for the country, this has very much turned out to be a socialist Labour Government after all: higher taxes, fewer jobs, lower confidence, and an economy put into reverse—back to the 1970s. That is felt in every boardroom, every workshop, every pub and every place of work across this country. The best thing that the Government can do right now is take responsibility for their actions and show leadership. After just 16 months of Labour, inflation has doubled, taxes are heading for record highs, borrowing has risen rapidly and unemployment has surged to the highest level since the pandemic. And none of that takes into account what may yet be to come. We know that the Chancellor deliberately picked the latest time possible for her upcoming Budget, in a last-ditch hope that someone, somewhere might come up with something that makes it all better. The date of 26 November is a highly unusual one for an autumn Budget. The last time we had a Budget this late, phones still had aerials, Mark Morrison was “returning the mack”, and we had to rewind VHS tapes before taking them back to Blockbuster. If only we could rewind the past 16 months; sadly, we cannot.

• 12 Nov 2025 · Taxes · Hansard source

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  I could not agree more. In fact, markets and investors have now endured week after week of reckless and irresponsible speculation, not about whether Labour will put up their taxes, but about which taxes will go up. The endless uncertainty that my hon. Friend mentions has caused relentless Treasury kite-flying that has damaged confidence. There are so many kites in the air but none of them is tied to an actual plan. My hon. Friend the Member for Isle of Wight East (Joe Robertson) said it well: everyone seems to be looking over their shoulder to see who the Chancellor will come for next. That cannot be what Labour MPs want in the run-up to Christmas. They have a chance tonight to reaffirm the promises that they made to all their constituents. It should be their easiest vote this year. Their core manifesto commitment, which won them the election, is printed in black and white in the motion. To fail to support the motion is to confirm to each and every one of their constituents that Labour is content to betray their trust. Be in no doubt, the country is watching.

• 11 Nov 2025 · Draft Radio Equipment (Amendment) (Northern Ireland) Regulations 2025 · Hansard source

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  It is a great pleasure to see you in the chair, Mr Pritchard. I welcome the relatively new Minister to her first delegated legislation Committee; I am sure there will be many more. It is a great pleasure to see her for the first time in her place. I welcome the opportunity to address this statutory instrument on behalf of the official Opposition. As the Minister helpfully set out, the instrument gives effect to Commission Delegated Regulation (EU) 2022/30 in Northern Ireland and allows it to be legally enforced. The radio equipment directive requires that the radio equipment sold or used within the EU market must meet what are known as essential requirements. Under the terms of the Windsor framework, Northern Ireland remains subject to EU regulations in this area, specifically on radio equipment. The Radio Equipment Regulations 2017 have been amended on numerous occasions, as the Minister will be aware. Today’s instrument makes further amendments to requirements relating to internet-connected radio equipment such as smartphones and fitness trackers. The Minister alluded to this in her speech, but the Department for Business and Trade states that these regulations enhance cyber-security, and that many businesses are already compliant with the regulations because they export to the EU; therefore, in the Department’s view, there should be no significant impact on the supply of products from Great Britain to Northern Ireland. Despite that assessment, let me ask for clarification on two points. The explanatory memorandum says, “Many UK businesses also supply the EU markets…and have already taken steps to come into compliance with the Radio Equipment Directive.” What estimate does the Minister have of the percentage of radio manufacturers who are likely to be compliant? It would be helpful for colleagues to have an understanding of the progress made already, without this regulation in place. Secondly, will the Minister outline whether the standards are in keeping with those in other international markets, in particular the United States? What assessment has the Department made of the competitiveness of these regulations in relation to those other markets? Other than that, we will not oppose the measure and I look forward to the Minister’s answers.

• 4 Nov 2025 · Regional Economic Growth: Pension Funds · Hansard source

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  Mobilising more investment from the UK pension fund market is critical to driving regional economic growth. The Chancellor says that she is a builder, not a blocker, but her proposed builders tax threatens to drastically increase the cost of building anything from homes and roads to nuclear power stations. This will make investing in UK infrastructure increasingly unviable. To avoid even more investment-killing uncertainty, will the Minister agree to scrap Labour’s proposed landfill tax reforms and let Britain get back to building?

• 30 Oct 2025 · Industrial Strategy · Hansard source

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  Labour’s industrial strategy recognises that housing and infrastructure are vital to driving regional investment. But as I hope the Minister will know, across the road, the Treasury has been quietly consulting on changes to the landfill tax, ending the decades-long exemption for quarries. That change would add millions of pounds on to infra- structure projects and increase tax costs for construction businesses across the country. How would such a move help grow our economy and build the homes and infra- structure that we need?

• 30 Oct 2025 · Industrial Strategy · Hansard source

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  I am afraid that is not good enough. The industry is facing deep uncertainty around the kite flying going on across the road at the Treasury. I realise that he is not responsible for that, but he needs a better answer for the construction industry. The Construction Products Association has just cut its growth forecast for the sector to barely 1% next year, warning that the uncertainty over new taxes is choking investment. I will ask the Minister again: how on earth will adding £28,000 to the cost of a new home, or 25% to road construction costs, through a new builders tax do anything other than cement the slowdown that Labour is overseeing in our economy?

• 21 Oct 2025 · Draft Companies (Directors' Report) (Payment Reporting) Regulations 2025 · Hansard source

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  It is always a pleasure to see you in the Chair, Ms Vaz. I welcome the Minister to his place; it is a great appointment, and it is good to know that he comes to the position with a good deal of experience, which I know will be valuable to both officials and the House more broadly. I also welcome this opportunity, on behalf of His Majesty’s official Opposition, to address this issue. No matter where we represent, MPs across the House all know, from our meetings with constituents and businesses, that late payments are a scourge on small and medium-sized businesses. At the very least, we must appreciate that late payments cause a tremendous amount of short-term cash-flow problems that prohibit investment and, in turn, economic growth—and at worst, they cause existential liquidity problems for the market as a whole. British small businesses are owed an average of almost £21,500 in late payments, and an almost unbelievable 62% of small businesses report being impacted by them. I therefore completely appreciate that the aim of these regulations is to boost the transparency around how large companies pay their suppliers, so that suppliers will be able to make a more informed choice about who they partner with, while also imposing accountability and positive incentives for large companies. As the Minister will know, this measure builds on a lot of the regulatory work the previous Government in particular did in support of small businesses, which he kindly alluded to; he will also know that the Reporting on Payment Practices and Performance Regulations 2017 already require companies to release much of the same data required under the proposed regulations before us today, via a web portal. The 2017 regulations were extended beyond their initial sunset date for a further seven years, following a consultation led by the small business Minister at the time, my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake). With that in mind, having companies report annually on their payment practices and performance should not in theory have an unfair or overbearing impact on companies over and above the existing requirements. That was a view shared by many companies that fed into our 2023 consultation, which the Minister will be aware of, which said that this measure would be a step in the right direction. It will not be a surprise to you, Ms Vaz, that the Opposition will not be opposing the regulations today, but I want to ask a couple of questions of the new Minister. First, given that companies are already required to report this information as part of the Government portal under the 2017 regulations, can he share the Government’s assessment of how effective this additional regulation will be in further reducing late payments? We both agree that they are an issue, but I did not quite hear him outlining the Government’s intentions, plans and ambition for how effective these measures will be, or over what time period. Secondly, the regulations do not appear to require companies to include the same amount of information in the annual reports or directors’ reports as they do in the twice-yearly Government portal findings. There is a slight inconsistency there, which I hope the Minister can address and clarify for us. How will he ensure the consistency of the information provided both to directors’ reports and through the web portal?

• 9 Sept 2025 · Infrastructure Strategy: Economic Growth · Hansard source

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  The Chancellor once claimed that she had a plan for fixing the foundations with infrastructure at the very heart. Now, through a consultation that the Government hoped nobody would notice, she has found a way to tax the foundations. By looking to impose a new levy on quarries, Labour could add billions of pounds more to the costs of infrastructure projects across the country. That cannot be right. Can the Chancellor please provide the construction industry—the very people who will grow our economy—with an assurance that this proposed builders tax will not go ahead?

• 2 Sept 2025 · Speciality Steel UK: Insolvency · Hansard source

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  I am grateful to the Minister for giving me advance sight of her statement today, but here we are again: another day, another Government takeover of a key British manufacturing plant, another 1,500 jobs—1,500 people—facing an incredibly uncertain future, and the prospect of significant job losses alongside the wider economic impact across supply chains and in aerospace, defence and power generation that would result from the collapse of this specialist steelworks. Despite so many warm words about the steel industry, despite so many Labour promises to the people who have worked their whole lives in that industry, and despite the impression of superiority while in opposition, this Labour Government are failing British industry. They are failing to provide certainty of policy and the economic growth that they said was their central mission, and they are failing to get a grip on the issues that affect thousands of working people’s lives. The Minister says she wants to provide certainty to the steel industry and the people who work in it. She says that we can expect a bold steel strategy for the UK, but where is it? The Government are not new any more; they have been in power for a year now, and there is still no clarity on this supposedly bold strategy. The British steel industry faces a fierce dual set of pressures: new 25% US tariffs and continued high energy costs. We all know that the energy costs in this country are too high, yet they have been driven only higher by this Government’s ideological obsession with prioritising decarbonisation over economic growth. Back in May, Liberty Steel warned that it faced significant challenges due to soaring energy costs, but instead of focusing on tackling the underlying causes of expensive energy, the Energy Secretary is backing windmills while leaving Britain’s oil and gas industry in the doldrums. He is leaving our amazing British oil and gas—our greatest energy source—trapped under the North sea. This is economic illiteracy aimed at satisfying their own green obsessions. From steel to chemicals to cars, builders and makers across Britain are paying the price of this Government’s socialist green agenda, and it is their workers and investors who will lose out. On tariffs, despite the economic prosperity deal agreed by the Prime Minister and President Trump, the agreement’s provisions lowering US tariffs on UK-produced steel and steel derivative products have still not come into effect. The Government have repeatedly avoided answering questions in this House on when the agreement will come into effect. We heard no mention whatsoever of it in the statement today or in the note yesterday, so I ask again: when will the provisions lowering US tariffs on UK steel come into effect? Of course, even if those provisions do eventually come to fruition, steelworkers should beware of this Government, who have overpromised and under-delivered before, with devastating impacts for workers. Just look at Jaguar Land Rover. The Prime Minister looked workers dead in the eyes and promised that he would protect their industry and save their jobs. He then used those workers as a Labour propaganda photo opportunity across television and the front pages when the UK-US deal was announced, but little over two months later, Jaguar Land Rover announced it was cutting 500 jobs. The very same workers who were promised everything by the Prime Minister were left out in the cold by this Labour Government’s inability to secure a better trading relationship with our closest ally. Let us today try to get some clarity on what exactly this Minister has done and will do for the British workers impacted at Liberty Steel. First, she announced that the Government had agreed to funding the official receiver and that total—

• 2 Sept 2025 · Speciality Steel UK: Insolvency · Hansard source

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  I am, Mr Speaker. Although I have lots of questions, I will ask just two very quick ones, if that is okay.

• 2 Sept 2025 · Speciality Steel UK: Insolvency · Hansard source

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  I will, Mr Speaker. What is the budget for the official receiver? The Minister has not laid out any costs. She has said that it is related to market conditions but has not set out any estimates. She knows that the Treasury will have approved estimates, so please will she set those out? The Government have made the National Wealth Fund allocate £2.5 billion to British Steel. Can she assure us that they will follow the investment allocation that assures its operational independence—

• 1 Jul 2025 · Clean Energy: Funding · Hansard source

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  It is becoming clear that one year in, the public still do not know what Labour is all about, and the same could be said for its so-called National Wealth Fund. Not only has the National Wealth Fund invested less equity in clean energy than before its costly £7 billion rebrand, but it is also now rightly subject to a Treasury Committee inquiry, at which expert witnesses could not name a single thing it is doing differently. The CEO of the British Business Bank now says the Government did not understand what they were setting up. Can the Minister tell us why the National Wealth Fund has invested less in clean energy than before the costly rebrand and why the Government U-turned on incorporating the British Business Bank?

• 24 Jun 2025 · VAT Registration Threshold: SMEs · Hansard source

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  I am delighted that the Liberal Democrats are keen to meet us and are willing to pay for it. Perhaps we can speak afterwards, but his constituents can speak to me any time. We are always available, across the country. This has been an excellent debate, with many views. It has highlighted the great importance of business to all our constituents, and I mean that seriously. The comments from colleagues on my side have illuminated the many different businesses that we have, whether it is Bloom Weddings, Chris and Annie’s business in the constituency of my hon. Friend the Member for Mid Leicestershire; the fish and chip shops Old Time Fisheries and Kirkgate Fisheries in Keighley and Ilkley, which no doubt provide fantastic fish and chips but are unfortunately reducing their hours, as my hon. Friend the Member for Keighley and Ilkley pointed out; or Carmela’s in the great constituency of my hon. Friend the Member for Broxbourne. All are having a hard time of it, but they remain excellent businesses. Some are, no doubt, places where we can all eat out. The Liberal Democrats have made some important points. The hon. Member for Inverness, Skye and West Ross-shire (Mr MacDonald) spoke about plumbers, and the hon. Member for Mid Dunbartonshire (Susan Murray) about the hair and beauty salons and high streets in Mid Dunbartonshire. This is an important debate to have. I am reminded of the last election when one party had a key policy in their manifesto around VAT thresholds, and that was Reform. However, I am afraid that when it comes to the hard graft of making the case in this place, the party is, yet again, nowhere to be seen. I hope we can all agree that our country is stronger because of the men and women who get up every morning, go to work and drive our economy forward, as the hon. Member for St Albans (Daisy Cooper) said. At the heart of every successful economy is the simple fact that prosperity begins small. It begins with the family-run café on the high street, the corner shop, the book shop and the local butchers, and the single parent who is just launching their dream from their spare room or their garage. These are not just businesses. These are stories of people who had an idea, stuck it out and made it happen. When we pile on more and more burdens, when taxes climb too high and regulation tangles dreams in red tape, we do not just make it harder to do business; the hope of what might be possible completely dims. A free society depends on free enterprise. When we get out of the way and support small businesses, we are not just fuelling the economy but lifting communities. My hon. Friend the Member for Mid Leicestershire believes that lifting the VAT threshold will help achieve that, and I look forward to the Minister’s response.

• 24 Jun 2025 · VAT Registration Threshold: SMEs · Hansard source

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  It is always a pleasure to see you in the Chair, Mr Vickers. First, I congratulate my hon. Friend the Member for Mid Leicestershire (Mr Bedford) on securing this excellent debate. We arguably do not spend enough time in this place discussing small and medium-sized businesses, which account for some three fifths of employment and half of all turnover in the entire private sector. The good thing about having a debate on this subject is that we have the Government in the room, rather than behind their keyboards. That is important, because I noticed while preparing for this debate that it comes hot on the heels of a written question on the same subject, which I am afraid to say received a textbook non-answer from the Treasury. My hon. Friend the Member for Mid Leicestershire asked a perfectly reasonable question: will the Chancellor make an assessment of the growth impact of increasing the VAT registration threshold? That was a pretty direct question, yet the Minister’s response completely ignored the point about growth and instead merely stated that the threshold was £90,000. While we are very grateful for the answer, this is something that I am sure my hon. Friend already knew. As my hon. Friend is in this Chamber, I gently suggest that the Minister provide him with a fuller answer. In some senses, raising the VAT threshold on SMEs would be a tax cut, so there is cause for optimism, given the Government’s newfound enthusiasm for cutting taxes—for those who live in Mauritius. If the Labour party is happy to take 80% of Mauritian workers out of income tax altogether as part of their £30 billion Chagos surrender deal, I am pretty sure they will be sympathetic to taking British SMEs out of VAT registration. Surely the Minister will remember that last year, when we were in government, the Conservatives raised the VAT registration threshold to the current £90,000. That took 28,000 businesses out of registration, which helped them to compete and grow, and it reduced their administrative burden. We also introduced policies such as business rate relief and full expensing to reduce costs and encourage investment in our country. Put simply, we backed British businesses to drive economic growth. Contrast that with Labour’s approach—it is trying but failing to balance the books on the back of British businesses. In its very first year in office, Labour has introduced the £25 billion hike, and the reduction in the secondary threshold of employer national insurance contributions; the rise in business rates, which the party had promised to abolish, by the way; the £5 billion-a-year burden of the Employment Rights Bill; and, let us not forget, the inheritance tax raid on family businesses.

• 24 Jun 2025 · VAT Registration Threshold: SMEs · Hansard source

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  I think the hon. Gentleman is accusing you, Mr Vickers, rather than me. I simply say to him that increasing the threshold made a big difference to the 28,000 businesses that were taken out of registration. I encourage him to speak to businesses in his constituency that benefited from what is essentially a tax cut, in addition to all the other measures that I mentioned that we introduced. The contrast between what the Conservatives did in office and the approach of the Labour Government in their first year is quite stark, and the consequences are even starker. Insolvency rates are at a 15-year high, new registrations have fallen at the fastest rate since the financial crisis, payroll employment is falling, and inflation is well above target and will be higher for longer. It is no wonder that only 14% of companies with fewer than 10 employees have confidence in the Chancellor’s growth plans. According to one survey, just 29% of UK small businesses are now predicting growth this year. Meanwhile, the Federation of Small Businesses reported that its members now view the tax burden as their second biggest barrier to growth. Here we see very clearly the vicious cycle that Labour has fallen into, just as it did in the 1970s: higher taxes and higher inflation, leading to lower growth and lower revenues, leading to still higher taxation. That is why, even though the Chancellor promised British businesses that she would not be back for more, she is now refusing to rule out even more taxes and tax rises in the autumn Budget. That is no wonder, because the National Institute of Economic and Social Research forecasts a £60 billion shortfall in the public finances—and that was before we had Labour MPs in open revolt about the slightly tiny welfare reforms and an unfunded commitment to increase defence spending by £40 billion. In that worrying context, I hope the Minister can stand up and provide some certainty to SMEs by giving his assurance that the next Budget will not see a reduction in the registration threshold, or indeed an increase in the rate of VAT. I would like him to stand up and rule those out right now, for all of us to hear. I know that these assurances will fall short of the increase in the registration threshold that my hon. Friend the Member for Mid Leicestershire and other Members are looking for today, but it will provide more certainty if the Minister rules those things out. I would also be grateful for an update on the so-called new business growth service, which the Government promised would be a “one-stop shop” for advice and support. That was supposed to launch in the first half of this year, but the Government’s industrial strategy has apparently now had to push that back to later this summer. Perhaps one reason for the delay is that the best advice a business growth service could possibly give anybody is “Do not vote Labour”. That is clear for us all to see. SMEs probably have quite a lot of advice of their own for the Government, but unfortunately the going rate for speaking to a Labour Minister is apparently £55,000, and one has to endure the inevitable gloom of the Labour party conference. In the spirit of this debate, perhaps the Minister could confirm whether the price tag for meeting him is before or after VAT. Either way, like most Labour policies, I expect it will bring in less revenue than was first hoped.